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Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity
Note 8. Stockholders’ Equity
APAM - Stockholders’ Equity
APAM had the following authorized and outstanding equity as of December 31, 2023 and 2022, respectively:
Outstanding
Common sharesAuthorizedDecember 31, 2023December 31, 2022
Voting Rights (1)
Economic Rights
Class A, par value $0.01 per share
500,000,000 68,554,078 67,982,025 
1 vote per share
Proportionate
Class B, par value $0.01 per share
200,000,000 2,435,739 2,583,884 
1 vote per share
None
Class C, par value $0.01 per share
400,000,000 9,024,947 9,040,147 
1 vote per share
None
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of December 31, 2023, Artisan’s employees held 5,241,153 restricted shares of Class A common stock and all 2,435,739 outstanding shares of Class B common stock, all of which were subject to the agreement.
APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate share of ownership each has in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the years ended December 31, 2023, 2022 and 2021:
 For the Years Ended December 31,
Type of DividendClass of Stock202320222021
QuarterlyCommon Class A$2.31 $2.95 $3.92 
Special AnnualCommon Class A$0.35 $0.72 $0.31 
The following table summarizes APAM’s stock transactions for the years ended December 31, 2023, 2022 and 2021:
Total Stock Outstanding
Class A Common Stock(1)
Class B Common StockClass C Common Stock
Balance at January 1, 2021
78,572,110 63,131,007 4,457,958 10,983,145 
2021 Follow-On Offering
— 963,614 (638,614)(325,000)
Holdings Common Unit Exchanges— 2,142,292 (612,764)(1,529,528)
Delivery of Shares Underlying RSUs1,074 1,074 — — 
Restricted Share Award Grants740,249 740,249 — — 
Restricted Share Net Share Settlement(177,960)(177,960)— — 
Employee/Partner Terminations(100,404)(100,404)— — 
Balance at December 31, 2021
79,035,069 66,699,872 3,206,580 9,128,617 
Holdings Common Unit Exchanges— 711,166 (622,696)(88,470)
Delivery of Shares Underlying RSUs1,060 1,060 — — 
Restricted Share Award Grants787,372 787,372 — 
Restricted Share Net Share Settlement(198,774)(198,774)— — 
Employee/Partner Terminations(18,671)(18,671)— — 
Balance at December 31, 2022
79,606,056 67,982,025 2,583,884 9,040,147 
Holdings Common Unit Exchanges— 163,345 (148,145)(15,200)
Delivery of Shares Underlying RSUs100,043 100,043 — — 
Restricted Share Award Grants515,702 515,702 — — 
Restricted Share Net Share Settlement(187,287)(187,287)— — 
Employee/Partner Terminations(19,750)(19,750)— — 
Balance at December 31, 2023
80,014,764 68,554,078 2,435,739 9,024,947 
(1) There were 361,215, 367,392, and 327,713 restricted stock units outstanding at December 31, 2023, 2022, and 2021, respectively. In addition, there were 216,170, 231,170, and 135,230 performance share units outstanding at December 31, 2023, 2022, and 2021, respectively. Based on the current status of the market and performance conditions, the 216,170 unvested performance share units would ultimately result in the issuance of 264,143 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share units are not reflected in the table because they are not considered outstanding or issued stock.
Each Class A, Class B, Class D and Class E common unit of Holdings (together with the corresponding share of Class B or Class C common stock) is exchangeable for one share of Class A common stock. The corresponding shares of Class B and Class C common stock are immediately canceled upon any such exchange.
Upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of Class B common stock are canceled. APAM issues the former employee-partner a number of shares of Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings.
Artisan Partners Holdings - Partners’ Equity
Holdings makes distributions of its net income to the holders of its partnership units for income taxes as required under the terms of the partnership agreement and also makes additional distributions under the terms of the partnership agreement as required. The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the years ended December 31, 2023, 2022 and 2021 were as follows:
 For the Years Ended December 31,
202320222021
Holdings Partnership Distributions to Limited Partners$44,732 $57,199 $93,189 
Holdings Partnership Distributions to APAM248,278 299,040 400,191 
Total Holdings Partnership Distributions$293,010 $356,239 $493,380 
The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.